Most owners’ corporations (OC’s) focus on keeping costs down, but there’s another side to financial management that often gets overlooked: generating new revenue.
Various aspects of common property can become a valuable opportunity to find ways to create revenue for the strata. With the right approach, it can be put to work in ways that benefit every lot owner, ease financial pressure, and reduce the burden on levies.
Here are a few ways many OC’s can get started.
1. Electric vehicle charging
On the theme of parking, electric vehicle (EV) charging is one area that can also create potential revenue opportunities.
If you haven’t already, installing EV charging infrastructure in common property car parks, either through a direct agreement with a charging provider or funded by the OC, can generate ongoing income through usage fees. Some providers may even fund the installation in exchange for a revenue share, meaning no upfront cost to the OC.
With EV adoption growing across Victoria, buildings that get ahead of this now are also protecting (and potentially increasing) property values across the lot.
2. Rooftop and common areas
Rooftops, plant rooms, and external walls represent some of the most underrated revenue opportunities in strata buildings. Telecommunications companies often seek locations for antennas and equipment, and a well-negotiated licence agreement can bring in additional revenue with minimal disruption to residents.
Common areas like foyers, lobbies, and outdoor spaces can sometimes be licensed for short-term use, such as photography shoots, pop-up events, and corporate activations. These arrangements need to be structured carefully and submitted to the OC for approval.
3. Storage areas
It’s common for buildings to have unused storage cages, basement areas, or service spaces that aren’t allocated to any lot. Where this common property is sitting idle, there may be an opportunity to licence it to residents on a monthly basis.
Demand for additional storage, especially in inner Melbourne, is consistently high. A structured storage licence, managed through the OC, can also generate passive income while filling a genuine need within the community.
4. Shared amenities hire
If your building has a rooftop terrace, function room, or meeting space that residents aren’t using it around the clock, there’s potential to rent it out. This could be to residents for private hire or, in some cases, to the broader public through short-term hire platforms.
This works well in buildings with well-managed and maintained amenities. With a clear booking system, appropriate insurance, and proper usage rules in place, it can be an easy to implement income stream.
The Role of Good OC Management
Before starting on any additional revenue opportunity, it’s vital to ensure you have the required legal agreements, insurance considerations, and ongoing administration. You also need lot owner agreement and processes that are fair, transparent, and compliant with Victorian legislation.
At Above OCM, we proactively look for opportunities like these on behalf of the OCs we manage, because reducing levy pressure while maintaining a well-run building is exactly what going above and beyond looks like in practice.
If you’d like to explore what revenue opportunities might exist in your building, get in touch with our team.
